Carson Yeung will today decide once and for all if he is to take up an option of buying Birmingham City outright.

The multi-millionaire Hong Kong-based property developer will announce whether he has the required funds to press ahead with a complete takeover of the club.

With Birmingham lacking a manager, and Steve Bruce having left on less than amicable terms, the club is in need of some good news.

Whether it comes from Yeung remains to be seen, for there have long been suggestions that, despite his wealth and contacts in the Chinese financial world, he is not finding it easy to acquire the necessary £40 million.

He already owns 29.9 per cent of the club's shares, having made a £15 million investment last June. But since then he has become a largely anonymous figure. His most significant act was to inadvertently provide Bruce with enough doubt to make the manager seek alternative employment.

Bruce will formally leave the club today and join Wigan Athletic having come to a compromise concerning the £225,000 he supposedly owes the club. Birmingham had paid him £300,000 in advance for a year's image rights and initially demanded that Bruce repays the balance.

These are momentous times for Birmingham. They continue to be linked with significant managers as they bid to replace Bruce and they are clearly looking for the type of name that will inspire the supporters.

The club has denied that approaches made to Martin Jol, the former Tottenham Hotspur manager, and Marcelo Lippi, who won the World Cup as head coach of Italy last year, were publicity stunts.

A more realistic target, however, is Alex McLeish who took Scotland to within three points of qualification for the 2008 European Championships. But even McLeish, whose stock has never been this high, has expressed no desire to leave his position with the Scottish Football Association.

Contrary to reports, Birmingham can appoint a manager of their choice and will not require the backing of Yeung. If, as is possible, Yeung decides against pursuing a deal to buy the club, it is understood that David Gold, the chairman, will launch a bid to buy all of Yeung's shares plus a large percentage of the 23 per cent already held by David Sullivan.

Twice since the summer Yeung has failed to meet a deadline to provide evidence of funds to mount a full takeover. He has until December 20 to seal the deal but will make his decision, one way or the other, today after the club's extraordinary general meeting.

I understand that his company, Grand Top International, will make a formal statement after the meeting.

Somewhere amid the confusion are the Birmingham players. They are preparing for the match at home to Portsmouth tomorrow but will not have much difficulty in keeping focused, especially with Eric Black, previously Bruce's assistant, acting as caretaker manager.

Gold rates Black highly and would probably welcome the chance to appoint the former Aberdeen player as manager. But Bruce wants to take Black to Wigan, adding further spice to an already heavy meal.

"It is a very difficult time for Birmingham City, an unusual time," Gold said. "Steve leaving came as a shock and surprise really. Nobody saw it coming. It wasn't as if he was going to get sacked, or that anyone was calling for his head.

"Every player in that dressing-room was brought here by him. He's played a massive part in their careers. But Blackie [Eric Black] has always had the respect of the players. A big part of the togetherness we have got is down to him. You can be sure that everyone will be playing for him. If he was given the manager's role full-time, he would do a good job."

This is true. But the mere link with Lippi, one of the game's true legends, has raised the expectations of supporters who are still recovering from the turmoil of the past week.